#CEO of #SouthKorean crypto exchange #Bitsonic arrested for alleged market #manipulation and embezzling $7.6 million in user funds. Jinwook Shin, facing serious charges, manipulated systems from Jan 2019 to May 2021 to inflate asset prices and volumes, concealing the company's financial instability. Shin's actions included withdrawing $7.6 million in user assets following sales to unsuspecting clients. The situation erodes trust in Bitsonic and the wider #crypto market. South Korea formed a special unit to combat crypto crimes, while new rules from the Federation of Korean Banks aim to protect users and curb money laundering.